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Financial News: Australia Services PMI Fades In January - Markit

Australia Services PMI Fades In January - Markit Economics

02/02/2021 - 17:27:00 (RTTNews)

(RTTNews) - The services sector in Australia continued to expand in January, albeit at a slower rate, the latest survey from Markit Economics showed on Wednesday with a services PMI score of 55.6.

That's down from 57.0 in December, although it remains above the boom-or-bust line of 50 that separates expansion from contraction.

Despite softening slightly from December, new business rose at a strong pace overall. Survey respondents often attributed this to new clients as well as an easing in COVID-19 restrictions.

Amid reports of higher demand and output requirements, Australian service providers expanded their workforce for the third month in a row. Firms increased employment levels at the fastest pace since May 2019.

The survey also showed that Markit's composite PMI slipped to 55.9 from 56.6 in December.

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